India, like many other Asian states, is struggling to manage cryptocurrencies.

By Aswin Mannepalli

Source Link

As more consumers and businesses turn to Bitcoin, the Indian government is still studying the issue and has not provided clear regulatory guidance on the payment technology to date.

The internal debate over Bitcoin highlights two competing impulses within the government of Prime Minister Narendra Modi. While officials want to foster innovation in the banking sector, they are wary that such technologies could facilitate cybercrime, bribery, tax avoidance, and money laundering.